by Phil Hoover, Real Estate Broker

Fiscal Cliff Deal Extends Mortgage Relief

The “American Taxpayer Relief Act of 2012” (fiscal cliff legislation just passed) extends tax relief for mortgage borrowers who experience a debt reduction through principal forgiveness or a short sale.

The extension runs through 12/31/13 and there are limitations (see the entire article for details).

The fiscal cliff legislation also extended the tax deduction for mortgage insurance premiums for taxpayers with an adjusted gross income (AGI) of less than $100,000 per year.

Am I the only American taxpayer who doesn’t think this was a “relief act”?

Source: HousingWire.com article

 

January 3rd, 2013 Posted in Inside Real Estate Print This Post Print This Post

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